Home Loan Guaranty

Veterans Affairs (VA) guarantees loans made to service members, veterans, reservists and eligible surviving spouses for the purchase or refinancing homes, condominiums and manufactured homes. VA guarantees part of the total loan, permitting the purchaser to obtain a mortgage with a competitive interest rate. With a VA guaranty, if the borrower fails to repay the loan, the VA will pay the loan up to the guaranteed amount.

Uses for Veterans Affairs Loan

A VA loan guaranty can be used:

Build a home

Buy and improve a manufactured home lot

Buy a manufactured home with or without a lot

Buy a residential condominium

Install a solar, heating or cooling system, weatherization or other improvements

Purchase and improve a home

Refinance an existing home loan

Refinance an existing VA loan

Refinance a manufactured home loan to acquire a lot

Repair, alter, or improve a home

To buy a home

Eligibility

To be eligible, applicants must have a good credit rating, have an income sufficient to support mortgage payments, and agree to live in the property.